Merck tops 2016 4Q profit forecasts

FILE PHOTO Kenneth Frazier, Chairman and CEO of Merck, participates in a session "The Future of Impact," Sunday, Sept. 27, 2015 at the Clinton Global Initiative in New York. (AP Photo/Mark Lennihan)

KENILWORTH, N.J. (AP) – Merck & Co. is reporting fourth-quarter earnings of $1.18 billion.

The Kenilworth, New Jersey, company said Thursday that it had profit of 42 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, were 89 cents per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share.

The pharmaceutical company posted revenue of $10.12 billion in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $10.2 billion.

Merck expects full-year earnings in the range of $3.72 to $3.87 per share, with revenue in the range of $38.6 billion to $40.1 billion.

Merck shares have increased 5.5 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased almost 2 percent. The stock has climbed 22 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MRK at https://www.zacks.com/ap/MRK

 

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